The Chartered Institute of Payroll Professionals
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Real Living Wage increases for 2023/24 Published: 24 October 2023 Emailed: 25 October 2023
The Living Wage Foundation has announced that the real living wage has increased to £12 in UK and £13.15 in London. The living wage rates for 2023/24 have been announced today (24 October 2023) and employers will then have six months until 1 May 2024 to implement them.
The real living wage is an hourly rate of pay set independently and updated annually (not the UK government’s National Living Wage (NLW)). It is calculated according to the basic cost of living in the UK, and employers choose to pay the living wage on a voluntary basis. Unlike the government minimum wage (NLW for over 23s - £10.42) the real living wage is the only wage rate independently calculated based on rising living costs and applies to everyone over 18 years of age.
Below are the key points from today’s announcement:
• 10% increase in the real living wage as cost of living continues to hit low paid workers the hardest • over 460,000 living wage workers are set for a pay boost as 14,000 living wage employers are signed up to pay the new rates • the new real living wage rates are now worth over £3,000 more per year in the UK than the minimum wage, and over £5,000 more in London • £3bn in extra wages has gone to low paid workers since 2011.
Recent research by the Living Wage Foundation shows that despite inflation easing, the cost-of-living crisis is far from over for Britain’s 3.5m low paid workers. Recent polling of those earning below the real living wage found that 60% have visited a food bank in the past year and 39% regularly skipping meals for financial reasons.
Read the full news story, here.
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Real Living Wage increases for 2023/24 Published: 31 October 2023 Emailed: 01 November 2023
1 November is Stress Awareness Day, it is time to reflect and make sure you recognise the sings of stress, both in yourself and others.
Acas provides a range of tools and resources for employers to use in their stress at work toolkit.
For day-to-day use, the advice page has a tonne of useful information, links and resources for anyone to use. Take the stigma out of mental health and stress awareness and spread these tools around your organisations, stress can affect anyone and learning to spot it can be a huge benefit to everyone around you. Acas’s Head of Mental Health and Wellbeing, Francoise Woolley and Policy Lead for Work -Related Stress and Mental Health at HSE, Rob McGreal have a conversation on workplace stress, providing key tips on how businesses can best support those going through it. Click here to listen: www.acas.org.uk/podcast/work-related-stress-lifting-the-pressure- at-work
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